The average price of electricity in the wholesale market doubled this week, reaching 216.74 euro per megawatt hour (MWh), according to data from the Iberian Electricity Market Operator (OMIE).

However, the price of electricity was 1.78% cheaper this Thursday than a week ago (220.66 euro / MWh), but 21.46% more expensive than a month ago (178.45 euros / MWh).

In annual terms, the price this week is 4.5 times higher than a year ago, when electricity cost 47.52 euros / MWh.

The maximum price of electricity between 9:00 p.m. and 10:00 p.m. is now 252.59 euro / MWh, while the minimum price will be 175.10 euro, between 04:00 and 05:00.

The prices of the ‘pool’ have a direct effect on the regulated tariff –the so-called PVPC–, to which almost 11 million consumers in the country are subscribed and serves as a reference for the other 17 million who have contracted their supply in the free market.

The rise in prices in the electricity market in recent months is mainly explained by high gas prices in the markets and carbon dioxide (CO2) emission rights, at record highs this year.

The electricity bill of an average user with the regulated tariff –the so-called PVPC– stood at 115.18 euro in November, 68.1% above the 68.50 euro for the same month last year, thus the second most expensive bill in history after last October, according to data from Facua-Consumidores en Acción.